Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 3, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Daily Mortgage Rate Updates for Licensed States Home Transactions

Q: What Is the Difference Between a 30-Year and 15-Year Mortgage?

- 30-Year Mortgage: Lower monthly payments but higher total interest paid over time. - 15-Year Mortgage: Higher monthly payments but lower total interest paid over time.

Q: How Can I Improve My Credit Score Before Applying?

- Pay Bills on Time: Consistent, timely payments boost your score. - Reduce Debt: Aim to lower your credit card balances. - Avoid New Credit: Refrain from opening new credit accounts before applying.

Purchasing a home is an exciting journey, but navigating the mortgage landscape can be challenging, especially when rates fluctuate. As of March 12, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage (FRM) averaged 6.11%, and the 15-year FRM averaged 5.50%. (freddiemac.com)

Understanding these rates is crucial for making informed decisions. In an area where the housing market is dynamic, staying updated on mortgage rates can significantly impact your purchasing power and monthly payments.

What Are Today's Mortgage Rates?

As of March 12, 2026, according to Freddie Mac's PMMS®, the 30-year fixed-rate mortgage (FRM) averaged 6.11%, and the 15-year FRM averaged 5.50%. (freddiemac.com)

Mortgage Type	Average Rate	Change from Previous Week
30-Year FRM	6.11%	+0.11%
15-Year FRM	5.50%	+0.06%

These rates are significant because they directly influence your monthly mortgage payments and the total interest paid over the life of the loan. A lower rate can lead to substantial savings, making it an opportune time to secure financing.

Key Considerations for Homebuyers

When evaluating mortgage options, consider the following:

Credit Score: A higher credit score can qualify you for better rates.
Down Payment: A larger down payment may reduce your loan amount and potentially lower your rate.
Loan Term: Shorter loan terms often come with lower rates but higher monthly payments.
Loan Type: Conventional loans typically offer competitive rates compared to government-backed loans.

Pro Tip: Before applying, check your credit report for any discrepancies and work on improving your score to secure the best possible rate.

Steps to Secure the Best Mortgage Rate

Assess Your Financial Health: Review your credit score, savings, and debt-to-income ratio.
Research Lenders: Compare rates and terms from multiple lenders to find the best fit.
Get Pre-Approved: A pre-approval letter strengthens your position when making an offer.
Consult with a Professional: Always discuss with a mortgage advisor before making decisions.

Pro Tip: Utilize online mortgage calculators to estimate your monthly payments and determine affordability.

Common Mistakes Homebuyers Make

1. Not Shopping Around for Rates

Impact: Accepting the first offer can result in higher costs over time.
How to Avoid: Obtain quotes from at least three lenders to ensure competitive rates.

2. Ignoring the Loan Estimate

Impact: Missing out on potential savings or unexpected fees.
How to Avoid: Carefully review the loan estimate for all costs and terms.

3. Overlooking Closing Costs

Impact: Unexpected expenses can strain your budget.
How to Avoid: Plan for closing costs, which can range from 2% to 5% of the loan amount.

4. Failing to Assess the Mortgage Terms

Impact: Rising rates can lead to unexpected increases in payments.
How to Avoid: Understand the terms of your loan and ask for clarification if needed.

Pro Tip: Work with a trusted mortgage advisor to navigate the process and avoid common pitfalls.

Frequently Asked Questions

How Do Mortgage Rates Affect My Monthly Payments?

Even a small change in the interest rate can significantly impact your monthly payments and the total interest paid over the life of the loan. For example, a 0.5% increase on a $300,000 loan can add approximately $150 to your monthly payment.

What Is the Difference Between a 30-Year and 15-Year Mortgage?

30-Year Mortgage: Lower monthly payments but higher total interest paid over time.
15-Year Mortgage: Higher monthly payments but lower total interest paid over time.

How Can I Improve My Credit Score Before Applying?

Pay Bills on Time: Consistent, timely payments boost your score.
Reduce Debt: Aim to lower your credit card balances.
Avoid New Credit: Refrain from opening new credit accounts before applying.

What Are Closing Costs, and How Much Should I Expect?

Closing costs are fees associated with finalizing your mortgage and can range from 2% to 5% of the loan amount. For a $300,000 loan, closing costs could be between $6,000 and $15,000.

How Do I Lock in a Mortgage Rate?

Inform your chosen lender to officially lock in your rate once you've decided on a suitable offer. This generally ensures your rate is protected for a specified period.

For competitive rates in licensed states, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Staying informed about current mortgage rates and understanding how they affect your home purchase is essential. By actively researching, comparing lenders, and being aware of common pitfalls, you can make confident decisions in securing the best mortgage for your needs. Remember, the right mortgage can make your dream home a reality.

Rates shown are for informational purposes. All loans subject to credit approval. Reliant Home Funding, licensed in your state, NMLS #292473. Loans are subject to credit approval, and rates and terms may change.